The underlying idea of the competitive analysis is to find out the strengths and weaknesses of the competitors in a market, strategies that will provide the organization with clear advantage over the competitors, the trend that can be developed to foil competition from entering the market, and any weaknesses of the competitors that can be exploited for getting edge over the competitors.
"Find strengths and weaknesses of the competitors "
The first step in the competitive analysis is to categorize the current and future competitors in a market. There are basically two ways to identify the current and future competitors: The first method is to look at the market from the customer's viewpoint and group all your competitors by the degree to which they compete for the market share. The second method is to group competitors according to their various market oriented strategies so you understand what motivates them.
There are a few steps to be followed to create the competitive analysis report for the future marketing strategy:
"measure competitors' market share + marketing strategies"
Categorizing the competitors: Some competitors very strong from all aspects right from product manufacturing to pricing they may be seemed flawless, while many other competitors may have good products but poor pricing strategy. It is necessary for the management to categorize the top 10 companies in the market who seem stronger and larger than their company. The sales and marketing team is in the best position to rattle off their true competitors and categorize according to their strengths.
Analyzing their promotional strategy: Competitors these days utilize hundreds of ways to promote their products or services. With the increasing popularity of digital media. Companies are inventing different ways to promote their products that are differentiating their presence in the market from their competitors. The management needs to get deep into these promotional strategies of top 10 companies.
Competitors' products analysis: The management needs to evaluate the competitors' products and services from different aspects like product features, product values, and targets taken by the competitors. Other matters like how do the competitors sell their products, their product distribution strategies, and how do they determine their short term targets are the most important look out for the management. Customers' report survey, customers' remarks, reports of serious market analysts can also help in this matter tremendously. How do the customers see the entire market competition? Reports gathered by the sales person is also proved to be very authentic way to understand consumer behavior
Digital Competitive Analysis
• Evaluating your website and areas for improvement
• Determining search engine real estate and social visibility
• Identifying digital assets used in the buying funnel
• Evaluating how you present your product, service, and value proposition, including what sales funnel you and your competitors are encouraging potential customers down
• Pinpointing online advertising strategies across numerous channels
• Assessing customer and employee satisfaction and feedback, including online reputation gauging
We’ll provide custom-tailor-made hints for every segment above in how you may improve your online presence and performance.
